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GM To Increase Spending On Electric And Autonomous Vehicles

General Motors co. (GM) said that it will increase spending on electric and autonomous vehicles to $35 billion over the next four years, representing a 75 percent increase from its initial commitment announced prior to the pandemic.

The auto major had raised its financial commitment in November 2020 to electric vehicles or EVs and Autonomous Vehicles or AVs to $27 billion through 2025, up from the $20 billion planned before the onset of the COVID-19 pandemic.

GM said Wednesday that it is accelerating plans to build two new battery cell manufacturing plants in the United States by mid-decade to complement the Ultium Cells LLC plants under construction in Tennessee and Ohio.

GM targets annual global EV sales of more than 1 million by 2025.

GM announced in November 2020 that it would deliver 30 new EVs by 2025 globally, with two-thirds available in North America. Through the additional investments announced Wednesday, GM will add to its North America plan new electric commercial trucks and other products that will take advantage of the creative design opportunities and flexibility enabled by the Ultium Platform.

In addition, GM noted that it will add additional U.S. assembly capacity for EV SUVs. Details will be announced at a later date.

GM now expects to deliver better-than-expected results in the second quarter despite the industry-wide impact of the semiconductor shortage.

The company now expects its first-half EBIT-adjusted will be between $8.5 billion and $9.5 billion due to continued strong demand, better-than-expected results at GM Financial, and improved near-term production from the pull forward of semiconductors from the third quarter. GM expects the second half of 2021 will continue to be complex and fluid.

GM announced June 15 it has signed a memorandum of understanding to supply Ultium batteries and HYDROTEC fuel cells to Wabtec Corporation.

Separately, GM will supply HYDROTEC to Navistar, which is developing hydrogen-powered heavy trucks to launch in 2024, and Liebherr-Aerospace, which is developing hydrogen-powered auxiliary power units for aircraft.

Lockheed Martin and GM also are teaming up to develop the next generation of lunar vehicles to transport astronauts on the surface of the Moon, leveraging GM's expertise in electric propulsion and autonomous technology.

GM confirms plans to launch its third-generation HYDROTEC fuel cells with even greater power density and lower costs by mid-decade. GM manufactures its fuel cells in Brownstown Charter Township, Michigan, in a joint venture with Honda.

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